Two Miami developers just paid $3.33 million for a development site west of Little Havana, and are now seeking approvals to build a new apartment complex.
Sergio Concepcion and Carlos Luis just closed on their purchase of an assemblage of commercial parcels at 61 Northwest 37th Avenue, altogether covering about 39,140 square feet of land.
The parcels are currently occupied by two buildings: a vacant 4,750-square-foot restaurant, formerly the home of Big Louie’s, and a small 1,300-square-foot office building.
Brokerage Marcus & Millichap announced the deal Friday. Agents Dave Heaslip and Alex Zylberglait represented the sellers, Dr. Stuart Miller and Celina Alvarez.
The two run SeaView Research, a pharmacology research and laboratory services company based in Miami. Through Dougup Properties LLC, a company they manage, the two paid a combined $2.6 million to assemble the parcels between 2010 and 2011.
On the other end of the deal, Jonathan De La Rosa of Marcus & Millichap brought buyers Concepcion and Luis to the table.
De La Rosa said the land has zoning for 110 residential units in an eight-story building, or about 165,000 square feet of new development. Concepcion and Luis have begun seeking approvals for a rental project maxing out that zoning, though further details are not yet available.
“They believe the market there is sustainable for rental units,” De La Rosa told The Real Deal. “The area there is progressing tremendously.”